Correlation Between Harvest Global and Hamilton Gold
Can any of the company-specific risk be diversified away by investing in both Harvest Global and Hamilton Gold at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Harvest Global and Hamilton Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Harvest Global Gold and Hamilton Gold Producer, you can compare the effects of market volatilities on Harvest Global and Hamilton Gold and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Harvest Global with a short position of Hamilton Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Global and Hamilton Gold.
Diversification Opportunities for Harvest Global and Hamilton Gold
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Harvest and Hamilton is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Global Gold and Hamilton Gold Producer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hamilton Gold Producer and Harvest Global is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Harvest Global Gold are associated (or correlated) with Hamilton Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hamilton Gold Producer has no effect on the direction of Harvest Global i.e., Harvest Global and Hamilton Gold go up and down completely randomly.
Pair Corralation between Harvest Global and Hamilton Gold
Assuming the 90 days trading horizon Harvest Global Gold is expected to generate 1.12 times more return on investment than Hamilton Gold. However, Harvest Global is 1.12 times more volatile than Hamilton Gold Producer. It trades about 0.12 of its potential returns per unit of risk. Hamilton Gold Producer is currently generating about 0.08 per unit of risk. If you would invest 6,875 in Harvest Global Gold on September 10, 2025 and sell it today you would earn a total of 1,426 from holding Harvest Global Gold or generate 20.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harvest Global Gold vs. Hamilton Gold Producer
Performance |
| Timeline |
| Harvest Global Gold |
| Hamilton Gold Producer |
Harvest Global and Hamilton Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Global and Hamilton Gold
The main advantage of trading using opposite Harvest Global and Hamilton Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Global position performs unexpectedly, Hamilton Gold can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Hamilton Gold will offset losses from the drop in Hamilton Gold's long position.| Harvest Global vs. iShares SPTSX Global | Harvest Global vs. BMO Equal Weight | Harvest Global vs. BMO Junior Gold | Harvest Global vs. Global X Enhanced |
| Hamilton Gold vs. iShares SPTSX Global | Hamilton Gold vs. BMO Equal Weight | Hamilton Gold vs. BMO Junior Gold | Hamilton Gold vs. Global X Enhanced |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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